Mark
Green, owner of a small electronics parts supplier company, recently
found that an insurance policy that he owned on his mother who founded
the company could be sold for cash.
The policy was originally taken out on my mother for business purposes
some years ago. My mother has since retired from the family business.
We no longer needed the policy for the business, but we were getting
concerned about how to fund long term health care for her.
We were able to turn the old Universal Life policy in to a lot more
cash than we would have received from the cash surrender value in the
policy. We also found out that an old term policy we have could be sold
if we want. We took the proceeds from the sale and purchased a paid up
long term care policy. The ability to turn the old policies to cash has taken a lot of pressure off of me.
